Renasant Corp $RNST Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC cut its holdings in shares of Renasant Corp (NYSE:RNST) by 33.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,937 shares of the company’s stock after selling 13,524 shares during the quarter. Sterling Capital Management LLC’s holdings in Renasant were worth $973,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in RNST. Louisiana State Employees Retirement System bought a new stake in shares of Renasant in the first quarter worth $1,517,000. Blue Trust Inc. boosted its stake in Renasant by 5.4% during the 1st quarter. Blue Trust Inc. now owns 17,196 shares of the company’s stock valued at $621,000 after acquiring an additional 875 shares during the last quarter. Sheets Smith Wealth Management boosted its stake in Renasant by 63.3% during the 1st quarter. Sheets Smith Wealth Management now owns 22,181 shares of the company’s stock valued at $801,000 after acquiring an additional 8,600 shares during the last quarter. Park National Corp OH acquired a new position in Renasant during the 1st quarter worth $134,000. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Renasant by 241.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after purchasing an additional 867 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Renasant

In related news, Director Connie L. Engel sold 1,257 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the transaction, the director directly owned 15,449 shares of the company’s stock, valued at $631,864.10. This represents a 7.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the sale, the insider owned 183,235 shares in the company, valued at approximately $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 15,611 shares of company stock worth $618,889. 2.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RNST shares. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. TD Cowen reissued a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Hovde Group lifted their price objective on shares of Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $45.50.

Renasant Price Performance

Shares of NYSE RNST opened at $42.48 on Wednesday. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $43.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. The business’s fifty day moving average price is $40.88 and its two-hundred day moving average price is $38.74. The firm has a market capitalization of $3.92 billion, a PE ratio of 17.63 and a beta of 0.97.

Renasant (NYSE:RNST) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.09. The company had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. Renasant had a net margin of 14.47% and a return on equity of 8.17%. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, research analysts expect that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a $0.24 dividend. This is a positive change from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant’s payout ratio is currently 39.83%.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.